Posts about Bitcoin
Bitcoin Dominance has been at the highs, approaching 50%. We just broke out of a range that we have been in since April 2021.
https://i.redd.it/gat49afec45b1.pngThis is because alts are getting absolutely massacred. In the last 24 hours:
BNB -9%
ADA -25%
Matic -27%
DOT -14%
Sol -25%
Link -15%
Atom -18%
Algo -19%
A lot of these alts are hitting multi year lows. Algorand has even hit an all time low.
This absolutely insane. Meanwhile:
Bitcoin -2%
Ethereum -2%
There's a TON of liquidations:
What on earth is going on? This is an absolute massacre of my portfolio.
Take a break from the screen if you need, please.
Many of us invested in Algorand. I also bought some. In 2020/2021, the entire subreddit was insanely bullish on Algorand. It was also mentioned all over social media and on many news websites.
But to say that Algorand has been a terrible performer would be an understatement. Some facts:
Algo is almost 96% down from the November 2021 high
Algo is down over 96% from all time high June 2019
Algo is down about 99% against Bitcoin since June 2019 and keeps making new lows
Algo is down 97% against Ethereum since January 2020 and keeps making new lows
Algo is the second worst performing top 50 altcoin in the past 90 days. Bitcoin is up 28.5%, while Algo is down 34.2%.
So what can we learn from this to ensure that we do not repeat the same mistakes?
I'll share mine and then am looking forward to yours.
I will never again buy a cryptocurrency with poor tokenomics. Algo had over 500% inflation in 2021 while the staking rewards were nowhere near that. That is SO MUCH extra selling pressure. I now refuse to buy a project where staking does not cover inflation.
I will avoid cryptocurrencies that go for expensive yet meaningless partnerships. Algo got a Fifa World Cup partnership that was worth nothing. FTX and CDC did something similar by getting naming rights on stadiums (Miami Heat Basketball Team, Staples Center). This is paid for with users' money. So essentially current investors are the cash cow to draw in more idiots.
I will avoid projects that are heavily shilled here. Algo, LRC, ONE, LUNA, CRO, VET, CKB, Neo, and the list goes on. The inverse r/CryptoCurrency graveyard is heavily populated.* Quite a lot of this shilling was not natural.
*... but now everyone is bearish on Algo. What if it inverses to the bull side? 😂
Elon Musk in 2021 (typo in the title) in a Tweet said:
"When there’s confirmation of reasonable (~50%) clean energy usage by miners with positive future trend, Tesla will resume allowing Bitcoin transactions."
Since in the first place the reason they gave for abandoning it was it's environmental issues and energy use, this made sense, and he said that Tesla would start accepting it again if it clean energy use mix was 50% or higher.
BMC (Bitcoin Mining Council) found out that in Q4 2022, that number was at 58%.
It's been 2 years now and what he asked for has happened.
Do you guys think they'll start accepting Bitcoin again? Or that it would help Bitcoin if they did? It definitely hurt the prices a bit when they announced that they were ditching it, so I'm curious to see what would happen.
PS: I meant in 2021, don't know where 2019 came from.
The Tweet:
https://twitter.com/elonmusk/status/1404132183254523905
An article about the findings of BMC:
https://cryptopotato.com/bitcoin-mining-became-greener-and-more-efficient-in-2022/
Three years ago I made a paper wallet using an online generator (don't remember which site) and my public key is 1MXb3vY5sCC2rB2bD2rusQjxEyYUDEKcHT. I stored my private keys locked in a Keepass password manager (with a very long and strong password) and made sure it's different than my primary general Bitwarden password generator. I just checked my balance today and realized it's all missing since 11/25/2022. Is there anything I can do like post to a bounty hunter website or am I just wasting my time? Sigh.... Thanks in advance.
edit: I have random users messaging me that they can help with recovery and they mention there will be a fee. I assume I should ignore them since it's 99.9% a scam?
